Cash Factory USA Review – Is it Legit?

If you’re in a tight spot financially, a short-term loan may be the solution you need. Cash Factory USA is one lender that may come up in your search. In this review, we’ll delve into the details of Cash Factory USA, including its loan products, requirements, application process, loan terms, and more.

By the end of this article, you should have a clearer picture of whether Cash Factory USA is the right lender for your needs.

What is Cash Factory USA?

Cash Factory USA is a short-term lender that provides payday loans and installment loans. As the name suggests, Cash Factory USA is based in the United States and is licensed to operate in multiple states, including California, Nevada, and Texas. The lender aims to help people who need cash quickly and provides a fast and easy loan application process.

Loan Products

Cash Factory USA offers two primary loan products: payday loans and installment loans. Here are the details of each type of loan:

Payday Loans

Payday loans are short-term loans that are typically due on your next payday. They can provide fast cash to help you cover unexpected expenses, but they can also be more expensive than other types of loans due to their high interest rates. Here are the specifics of Cash Factory USA’s payday loans:

• Loan amounts: $100 to $1,000
• Repayment terms: Two to four weeks
• Interest rates: Vary by state, but typically range from 200% to 600%

Installment Loans

Installment loans are also short-term loans, but they’re typically repaid over a longer period of time in multiple installments. They can provide more flexibility in terms of repayment and can be less expensive than payday loans. Here are the specifics of Cash Factory USA’s installment loans:

• Loan amounts: $300 to $5,000
• Repayment terms: Three to 12 months
• Interest rates: Vary by state, but typically range from 60% to 225%

Loan Requirements

Before you apply for a loan with Cash Factory USA, it’s important to understand the lender’s requirements. Here are the basic requirements you’ll need to meet to qualify for a loan:

• You must be at least 18 years old
• You must be a U.S. citizen or permanent resident
• You must have a steady income source
• You must have a valid checking account

Meeting these requirements doesn’t guarantee that you’ll be approved for a loan, but they’re necessary to even be considered for a loan with Cash Factory USA.

Loan Application Process

If you meet the requirements and decide to apply for a loan with Cash Factory USA, the application process is relatively simple. Here are the steps you’ll need to take:

1. Visit Cash Factory USA’s website and fill out an online application. The application will ask for basic personal and financial information, including your name, address, employment information, and checking account details.

The entire loan application process can be completed online, which is convenient for borrowers who don’t have time to visit a physical location or prefer the privacy of applying from home.

Loan Repayment

Repaying your loan with Cash Factory USA is straightforward. If you have a payday loan, the loan amount plus fees will be automatically withdrawn from your checking account on your next payday. If you have an installment loan, the amount will be divided into multiple payments that are due on specific dates. You can typically make payments online or by phone, and there are no penalties for paying off your loan early.

Pros of Cash Factory USA

Here are some of the benefits of working with Cash Factory USA:

• Fast application process. You can apply for a loan online and receive a decision within minutes.
• Multiple loan products. Cash Factory USA offers both payday loans and installment loans, so you can choose the option that best fits your needs.
• Availability. Cash Factory USA is licensed to operate in multiple states, so you may be able to get a loan even if you don’t live in a state with many lenders available.
• No prepayment penalties. If you’re able to pay off your loan early, you won’t be penalized with any additional fees.

Cons of Cash Factory USA

Here are some potential drawbacks to consider before working with Cash Factory USA:

• High interest rates. Both payday and installment loans from Cash Factory USA can be quite expensive due to their high interest rates.
• Short repayment terms. If you choose a payday loan, you’ll need to repay it within just a few weeks, which can be difficult if you’re already struggling financially.
• No in-person service. Cash Factory USA is an online lender, so you won’t be able to visit a physical location if you have questions or concerns.
• No guaranteed approval. Meeting the basic requirements doesn’t guarantee that you’ll be approved for a loan with Cash Factory USA.

Customer Reviews

Reading customer reviews can provide valuable insight into the experience of working with a lender. Here are some reviews of Cash Factory USA from actual customers:

• “I needed cash quickly, and Cash Factory USA was able to get me approved for a loan within minutes. The interest rate was high, but I expected that with a payday loan. Overall, I’m satisfied with my experience.” – Jane H.
• “I applied for a loan with Cash Factory USA and was denied even though I met all the requirements. It was frustrating , but I understand that not everyone can be approved for a loan.” – John K.
• “I’ve taken out several loans with Cash Factory USA and have had a good experience each time. The application process is easy, and I’ve always received my funds quickly. The interest rates are high, but that’s the tradeoff for a short-term loan.” – Maria L.

Conclusion

Cash Factory USA can be a viable option for short-term loans if you’re in a tough spot and need cash quickly. The application process is straightforward, and approval times are fast. However, it’s important to consider the high interest rates and short repayment terms before taking out a loan with this lender. As with any financial decision, it’s crucial to do your research and determine if Cash Factory USA is the right fit for your specific needs.

Overall, Cash Factory USA offers a convenient and accessible solution for people in need of short-term cash loans. However, due to the high interest rates and other potential drawbacks, it’s important to carefully evaluate your options before deciding on this lender.